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March 2018 Pasadena Rent Report

Welcome to the March 2018 Pasadena Rent Report. Pasadena rents declined over the past month. In this report, we'll evaluate trends in the Pasadena rental market, including comparisons to cities throughout the metro, state, and nation.

March 2018 Pasadena Rent Report

Welcome to the March 2018 Pasadena Rent Report. Pasadena rents declined over the past month. In this report, we'll evaluate trends in the Pasadena rental market, including comparisons to cities throughout the metro, state, and nation.

Pasadena rents declined moderately over the past month

Pasadena rents have declined 0.3% over the past month, but have increased moderately by 2.4% in comparison to the same time last year. Currently, median rents in Pasadena stand at $790 for a one-bedroom apartment and $970 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in November of last year. Pasadena's year-over-year rent growth leads the state and national averages, which both stand at 2.3%.

Rents rising across the Houston Metro

Throughout the past year, rent increases have been occurring not just in the city of Pasadena, but across the entire metro. Of the largest 10 cities that we have data for in the Houston metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

Friendswood has seen the fastest rent growth in the metro, with a year-over-year increase of 5.8%. The median two-bedroom there costs $1,400, while one-bedrooms go for $1,140.

Over the past year, Missouri City is the only city in the metro that has seen rents fall, with a decline of 3.2%. Median two-bedrooms there cost $1,440, while one-bedrooms go for $1,180.

Sugar Land has the most expensive rents of the largest cities in the Houston metro, with a two-bedroom median of $1,560; rents rose 0.7% over the past year but remained flat month-over-month.

Pasadena has the least expensive rents in the Houston metro, with a two-bedroom median of $970; rents fell 0.3% over the past month but rose 2.4% over the past year.

Pasadena rents more affordable than many large cities nationwide

As rents have increased moderately in Pasadena, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Pasadena is still more affordable than most large cities across the country.

Rents increased moderately in other cities across the state, with Texas as a whole logging rent growth of 2.3% over the past year. For example, rents have grown by 2.1% in Dallas, 1.5% in San Antonio, and 0.2% in Austin.

Pasadena's median two-bedroom rent of $970 is below the national average of $1,160. Nationwide, rents have grown by 2.3% over the past year compared to the 2.4% increase in Pasadena.

While Pasadena's rents rose moderately over the past year, the city of DC saw a decrease of 0.1%.

Renters will find more reasonable prices in Pasadena than most large cities. For example, San Francisco has a median 2BR rent of $3,040, which is more than three times the price in Pasadena.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

Houston

$830

$1,020

-0.2%

2.7%

Pasadena

$790

$970

-0.3%

2.4%

Pearland

$1,100

$1,350

0.1%

4.0%

League City

$1,220

$1,490

-0.1%

2.7%

Sugar Land

$1,280

$1,560

-0.0%

0.7%

Baytown

$860

$1,050

0.2%

4.6%

Missouri City

$1,180

$1,440

0.6%

-3.2%

Conroe

$860

$1,060

-0.9%

2.6%

Spring

$1,100

$1,340

0.4%

2.2%

Friendswood

$1,140

$1,400

0.5%

5.8%

Rosenberg

$830

$1,020

-2.7%

Stafford

$1,000

$1,230

0.8%

1.6%

Humble

$1,020

$1,240

-0.8%

2.8%

Katy

$1,150

$1,410

-0.6%

3.0%

Seabrook

$810

$1,000

3.1%

Richmond

$1,010

$1,230

0.4%

4.7%

Tomball

$960

$1,180

0.6%

4.5%

Webster

$1,000

$1,220

-0.8%

6.9%

Magnolia

$930

$1,130

-0.3%

8.4%

See more

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.